MasTec, Inc. announced that it has closed its previously announced acquisition of Henkels & McCoy Group, Inc., the 5th largest U.S. utility contractor in the recent 2021 Engineering News-Record ranking, in a cash and stock transaction valued at approximately US$ 600 million.
"We are pleased to officially welcome Henkels team members to the MasTec family. We believe that the addition of Henkels, coupled with MasTec's existing operations, creates a market leading utility contractor with significant expertise, scale and capacity that can provide a complete and compelling suite of service offerings to our customers as they work to transition to renewable energy generation, modernize power grid systems and reduce carbon emissions.", commented Jose Mas, chief executive officer, MasTec.
Mas continued, "This marks an important step in the diversification of MasTec's end market portfolio of services, providing us strong strategic growth opportunities. We believe the transition to renewable power generation will create significant growth demand across the utility sector. MasTec's suite of services, from clean energy power generation to our newly expanded power transmission and distribution capacity, positions us for strong growth in this expanding market."